Yes, we heard about the soirees thrown by Northern Trust last week, but seeing as though the bank received a measly $1.6 billion in TARP money, and there were no facials to speak of, we didn't so much give a rat's A. Others beg to differ, calling the thing an idiotic outrage, and surely Rep. Elijah Cummings is working on some zingers for the organizers of the thing in a Congressional holding room where Barney Frank keeps his people locked up and riled up (Maxine Waters is there, being spoon-fed a cocktail of uppers and downers, as is Rep. Rosa DeLauro, chewing on a piece of leather) so here it is, strangely courtesy of TMZ:
- Wednesday, Northern Trust hosted a fancy dinner at the Ritz followed by a performance by the group Chicago.- Thursday, Northern Trust rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.
- Saturday, Northern Trust had the entire House of Blues in West Hollywood shut down for its private party. We got the menu -- guests dined on seared salmon and petite Angus filet. Dinner was followed by a performance by none other than Sheryl Crow.
There was also a fabulous cocktail party at the Loews. And how's this for a nice touch: Female guests at the Chicago concert all got trinkets from ... TIFFANY AND CO.
Posted by guest , Feb 24, 2009 2:52PM
What about the blue box?
Posted by guest , Feb 24, 2009 2:54PM
@1-that would be what the last line, "tiffany and co" refers to.
Posted by guest , Feb 24, 2009 2:57PM
This was done by Waddell intentionally as an easy way to just give back the Tarp money and make Barney Frank look like more of a jackass. Congrats, Rick. I always liked you.
Posted by guest , Feb 24, 2009 2:58PM
How does it feel to be scooped by TMZ?
Posted by guest , Feb 24, 2009 2:58PM
If we stop banks and other bailed out corporations from sponsoring sporting events, a lot of these sports leagues would be unable to operate.
Posted by Garuda , Feb 24, 2009 3:00PM
Actually, I like it when Elijah Cummings lets em have it. Matter of fact, I'd like to see him come out of his chair, jump over the desks and just pound the absolute shit of any banker within sight.
No problems with it at all.
Posted by guest , Feb 24, 2009 3:00PM
@4- who cares?
Posted by guest , Feb 24, 2009 3:02PM
Someone should throw some water on Rosa DeLauro ... all that will remain will be her broom and her pointy hat.
Posted by guest , Feb 24, 2009 3:06PM
@4- are you asking that question of everyone who didn't have the story before tmz? (bberg, wsj, clusterstock, dealbook, reuters, etc)?
Posted by guest , Feb 24, 2009 3:06PM
EWF?!? Was sly and the family stone unavailable?
Posted by guest , Feb 24, 2009 3:07PM
Rosa's a hottie.
Posted by guest , Feb 24, 2009 3:08PM
Between the facials and the A to 0 today, I'm having trouble concentrating...
Posted by guest , Feb 24, 2009 3:09PM
Perez Hilton scoops Beth all the time.
Posted by guest , Feb 24, 2009 3:11PM
Barney Frank is running the Fun Police like a frumpy, incomprehensible Himmler.
Posted by guest , Feb 24, 2009 3:14PM
Jeez! Are you now telling me that when the ladies in marketing are talking about their "blue boxes" it isn't a physical condition???
~The Forehead Slapper
Posted by Bess Levin , Feb 24, 2009 3:14PM
@4- I'm in an emotional hole.
Posted by guest , Feb 24, 2009 3:15PM
True or False:
Barney Frank:Bankers::Paul Tagliabue:Chad Johnson
Posted by guest , Feb 24, 2009 3:16PM
7441 here we come !!!
Posted by guest , Feb 24, 2009 3:16PM
"Northern Trust gave us a statement yesterday before going total radio silence. A rep for the bank acknowledges they paid for the events, but that the bailout money did not pay for the events. He claims it was paid out of the bank's operating expenses."
Posted by guest , Feb 24, 2009 3:20PM
Was Jefferson at the Earth Wind and Fire concert with his little brother? I heard Johnny Damone finally got those tickets.
Posted by guest , Feb 24, 2009 3:43PM
the Ritz sucks
the group Chicago sucks
Barker hangar at the Santa Monica Airport sucks
Earth, Wind & Fire sucks
House of Blues in West Hollywood is gay
seared gayman and petite Anus filet.
Dinner was followed by a performance by none other than Sheryl Crow still gay
-> fabulous cocktail party at the Loews...I rest my case ladies and gentlemen of the jury
Posted by guest , Feb 24, 2009 3:44PM
@21 So Northern Trusty is filled with Gay?
Posted by guest , Feb 24, 2009 3:45PM
Got them from a guy in a keyboard scarf at the mall. Don't recall his name
Posted by guest , Feb 24, 2009 3:51PM
Why didn't Sheryl Crow have the balls to tell Northern Trust she wasn't going to participate in a poorly timed soiree'?
Posted by guest , Feb 24, 2009 3:52PM
@11 Damn you
Posted by Anal_yst , Feb 24, 2009 3:56PM
@ 5
Trickle-down effects don't exist, remember? How dare you question this infallible truth?!
Posted by guest , Feb 24, 2009 4:02PM
Seared salmon and petite Angus filet, oooh la la!!!
Posted by guest , Feb 24, 2009 4:03PM
Northern Trust. So very dull.
Posted by BlackSwan06 , Feb 24, 2009 4:09PM
@ 17 - that's Chad Ocho Cinco to his closest friends...
Posted by guest , Feb 24, 2009 4:27PM
Barney Fife in DC on CNBC discussing "the rules" now.
Posted by guest , Feb 24, 2009 4:31PM
@29, 17 Here:
Clearly I'm not friends with Ocho Cinco. I post on dealbreaker during my breaks. But while we're at it, NFL players shouldn't be getting bonuses either. Just irresponsible because tax payer money is going into the roads and public transportation used for fans to get to the games.
Posted by trojan , Feb 24, 2009 4:38PM
@16/Bess
you mean you're trapped in a glass case of emotion?
Posted by guest , Feb 24, 2009 4:39PM
# 31. The bonuses they receive are incentive bonuses that are already priced into their contract or straight out signing bonuses. These aren't discretionary like on Wall Street. If they've reached their target #'s, they are legally bound to receive their $$. Simple as that.
Posted by Anal_yst , Feb 24, 2009 4:40PM
@ 31
I'm glad you pointed that out. How many NFL players forgo the various contractual bonuses - performance linked or otherwise - when their team sucks butt?
Do fans demand that Calvin Johnson only get paid league-minimum because the Lions suck superior a$$hole?
Why not?
Posted by guest , Feb 24, 2009 4:47PM
Please #31 & #34, The average career for an NFL player is 3 and a half years. Would you turn down any bonuses that come your way in that period.. Think about the message this site already conveys about 1st - 3rd year analysts that get canned. Take the money and run!!!!
Posted by guest , Feb 24, 2009 4:49PM
@33-you're right. I wish I was as serious as you all the time.
@34-that would actually make sense. Except it wasn't CJ's fault the Lions sucked. Its Matt Millen's.
Posted by Anal_yst , Feb 24, 2009 5:00PM
@36
Exactly. And its not 90%+ of Wall Street employees' fault that their firms/industry is/are in the crapper.
Posted by guest , Feb 24, 2009 5:03PM
I am so tired of this nonsense. I imagine that most of the people attending these NT events were clients/customers of the firm. Wine-ing and dining your clients is good business practice. You have to spend money to make money. I don't know why these idiots in congress don't get it. Not to mention the fact that cutting back on events like these hurts the little people just as badly-- the caterers, event planners, hotels, conference centers, etc. If the gov't was so intent about funneling TARP money to these idiots who feel that homeownership is a constitutional right, then the gov't should have done it directly without the banks as intermediary.
Last I checked, the banks were paying dividends on the TARP pref shares and have to repay it at some point. Why can't Barney understand that TARP counts as gov't "investment" and not "spending"?
I am so ashamed of myself for voting Dem in the last election. They are inciting class warfare and turning this country into France.
Posted by guest , Feb 24, 2009 5:34PM
you guys just dont get it. how are we going to have a great depression unless congress keeps all these institutions from spending money. you are going to ruin a perfectly Great depression!!! Once agaig Government will turn a disaster into a Catastrophe!!!
Posted by guest , Feb 24, 2009 5:40PM
@36
If a player helped win a championship and received a bonus accordingly and then it was found that they had cheated and the championship was retroactively stripped; then yes, i think it would be appropriate to demand the bonus back.
Posted by guest , Feb 24, 2009 7:28PM
Now I wish TMZ would show all the junkets that these congressmen received from AIG, Stanford Group, Bear Stearns, Enron, Worldcom.. etc. etc. etc.
Franks had better be prepared for the fallout. As the CEO's from Northern, Goldman, Morgan, and perhaps JP Morgan flip him the bird and pay off the Tarp funds it will expose all the banks who CAN'T pay back the tarp funds on a dime.
How are these banks supposed to invest to grow their business to pay back these funds? Especially considering the companies that made a profit, and never wanted the funds in the first place.
Posted by guest , Feb 24, 2009 8:34PM
Comment removed by moderator.
Posted by guest , Feb 24, 2009 9:19PM
@20 close, Mike Damone. huge play tho, A for effort.
-Ratner.
Posted by guest , Feb 24, 2009 9:41PM
February 24, 2009
An Open Letter to Northern Trust Stakeholders:
In recent days, questions have been raised regarding Northern Trust's sponsorship of the Northern Trust Open, a PGA event that has raised millions of dollars for charities, along with client-focused events during the Open.
We understand this is a time of great anxiety and financial distress, and the question of supporting an event such as the Northern Trust Open is legitimate. We came to the conclusion that no public purpose would be served by canceling the Northern Trust Open and related events.
Here's why:
Northern Trust had net income last year of more than $640 million, and paid for this event using normal operating funds.
No Capital Purchase Program funds were allocated for operating expenses, including marketing, advertising, corporate sponsorship or charitable activities.
Northern Trust did not seek the government's investment under the U.S. Treasury's Capital Purchase Program, but agreed to the government's goal of gaining the participation of all major banks in the United States.
Northern Trust pays dividends on Treasury's investment, and will continue to pay them until the capital is returned. Currently, Northern Trust pays the government $78.8 million on an annual basis as a return on taxpayers' investment - almost $20 million per quarter.
Capital Purchase Program funds are supporting high quality loan growth, benefiting both private and institutional clients. As of December 31, 2008, our loans and leases grew to more than $30 billion, a 21% increase from December 31, 2007.
This is the second year of Northern Trust's five-year agreement to sponsor the Northern Trust Open. The tournament agreement was signed in 2007 and all associated contracts associated with client education and entertainment were signed months before the U.S. government's Capital Purchase Program was contemplated.
During tournament week, more than 2,000 clients and prospects from around the globe participated in activities including three financial education seminars for our personal and institutional clients.
Over the past two years, Northern Trust has raised $3 million dollars for the Los Angeles Junior Chamber of Commerce Charity Foundation and the many non-profit organizations it supports. Over its entire history, this tournament has raised more than $50 million for the Los Angeles community.
At a time when the nation is attempting to rise above its current economic difficulties, it is important for healthy banks like Northern Trust to continue to invest in our clients and the communities we serve. We appreciate the support that you have given us and will continue to keep the lines of communication open.
Frederick H. Waddell
President and Chief Executive Officer
Northern Trust Corporation
Posted by guest , Feb 25, 2009 6:22AM
@42homophobia sucks.
Posted by guest , Feb 25, 2009 9:05AM
What's the CBO estimated multiplier for bank boondoggles located in the US? Probably the same as ACORN "community outreach" grants.